Despite the general carnage in crypto over the last week or so, Terra (LUNA) has remained one of the most resilient coins. The token is now finding strong support at the $65 mark and appears to be on a consolidation phase. But can bulls push the price action towards $75? Well, here are some highlights first:
Despite falling slightly by around 2%, Terra (LUNA) still is still trading around the $65 mark.
The momentum oscillators show that the token is oversold, suggesting little room for any serious sell-off.
LUNA has shown great resilience, surging from lows of $37 recently to hitting $65 in price.
Data Source: Tradingview.com
Terra (LUNA) – Will it head to $75
Multiple signals appear to suggest that we may have seen a trend reversal in LUNA’s price action. After falling from recent highs of around $90, the token is now getting strong support and consolidation at $65.
This makes LUNA a prime target for bullish action that could send the price to $75 at the very least. We are also closely looking at momentum oscillators that appear to show an oversold asset. This may indicate that a major sell-off is at the moment not on the cards.
For these reasons, we expect a corrective bounce in the price that will at least push the price action further above. However, with the crypto market still showing signs of volatility, further downward pressure is still possible.
Is LUNA a decent investment?
Terra is one of the fastest-growing blockchains in the world. It has seen superb gains over the last few years and promises to dominate the crypto market in the future. For any serious crypto investor, this is a must-have token. The fact that it is trading nearly 50% from all-time highs means that you can get in at a decent bargain.
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